The Enforcement Directorate (ED) has registered cases against YSR Congress president and Kadapa MP Jaganmohan Reddy and Emaar Properties by filing Enforcement Case Information Report (ECIR) under the Money Laundering Act.
The ECIR may result in seizure of all properties of the accused, including bank accounts. In case of arrest, it will be difficult for the accused to get bail. If convicted, YS Jagan may get a minimum sentence of three years and a maximum of seven years with a fine of Rs 5 lakh.
The CBI has already issued FIRs against Jagan, Emaar and 74 others under Section 120B (criminal conspiracy) read with Section 420 (cheating), Section 409 (criminal breach of trust), 420 and 477A (falsification of accounts) of IPC.